The Hindu Business Line : Allahabad Bank revises FCNR rates

Allahabad Bank revised the interest rates on foreign currency non-resident (FCNR) deposits from Wednesday (today). According to a press release issued by the bank, the revised rates for the deposits in the US $ are 2.96 per cent ( previously 2.46 per cent) for one year to less than two years, 3.06 per cent (2.56 per cent) for two years to less than three years, 3.38 per cent (2.88 per cent) for three years to less than four years, 3.6 per cent (3.10) for four years to less than five years and 3.76 per cent (3.26 per cent) for five years only. In case of deposits in British pound, the corresponding rates are 5.77 per cent (5.27 per cent), 5.15 per cent (4.65 per cent), 5.13 per cent (4.63 per cent), 5.08 per cent (4.58 per cent) and 5.03 per cent (4.53 per cent) for respective maturities and for euro deposits, the rates are 5.08 per cent (4.58 per cent), 4.63 per cent (4.13 per cent), 4.53 per cent (4.03 per cent), 4.48 per cent (3.98 per cent) and 4.43 per cent (3.93 per cent) for respective maturities. The rates for NRE term deposits from Wednesday are 3.71 per cent (3.21 per cent) for one year to less than two years, 3.81 per cent (3.31 per cent) for two years to less than three years and 4.13 per cent (3.63 per cent) for three years. The rate for NRE savings deposits will be 3.5 per cent with effect from Thursday, the press release adds. - Our Bureau

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